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‘Is it really worth it to keep going on?’ Economic pain hits America’s farm belt
CNN • • business
Key Points:
- John Yeley, a seventh-generation farmer in Illinois, expresses concern about passing the farm to his children due to the current challenging economic conditions in agriculture.
- Farmers face a severe recession driven by record-high diesel prices, soaring fertilizer costs due to global conflicts, trade disputes limiting market access, and rising interest rates increasing borrowing costs.
- Diesel prices have reached near all-time highs, with some Midwest states like Illinois seeing averages around $6.82 per gallon, significantly impacting farmers who rely heavily on this fuel for equipment.
- Rising input costs, including fertilizer and packaging, have forced some farmers like Sammy Tookey to raise prices, but not enough to offset expenses, leading to uncertainty about the viability of continuing farming.
- Farm bankruptcies have increased by 20% over the past year, with experts warning that more failures are likely as many farmers struggle to remain financially solvent amid ongoing economic pressures.
